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36 U.S.C. § 70703

Title 36 Chapter 707 Current through PL 116-220 ~1 min read Last updated: March 30, 2026 View on OLRC →
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§ 70703. Governing body

  • (a)
    • (1) The board of trustees is the governing body of the corporation. The board shall exercise the powers granted to the corporation.
    • (2) The board shall consist of at least 9 but not more than 19 members. A vacancy on the board shall be filled by decision of the remaining members of the board.
    • (3) The board shall adopt a seal under which all acts of the corporation shall be passed and authenticated.
  • (b)
    • (1) The board shall elect officers the board considers necessary, including a treasurer, for the term and at the compensation the board decides, as provided in the bylaws.
    • (2) The treasurer shall give a bond as provided in the bylaws.
    • (3) The board may remove an officer, employee, or agent of the corporation for a cause provided in the bylaws.

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